ES Journal Archive (2006 - 2008)

[vertigo3]

I realize the decline from the intraday top today was not dramatic, but am I the only one who thought the PA from 10:40 until just recently looked like a bear flag? 2min chart

 

[Lawrence Chan]

NQ getting close to limit down.

 

[Spooz Top]

Quote from smilingsynic:

What I see:

A 50 point (exactly fifty points, for those rule of 10 fans) rise from the bottom followed by a pullback that has so far remained in the upper 1/2 of the day's range suggests consolidation.

that was the rule of 10 x 5 that volente was referring to......very nice measurment set up......

 

[JSSPMK]

Quote from Lawrence Chan:

NQ getting close to limit down.

That explains it, I just had a look at NQ. I must admit I don't trade it, but I should have at least looked at it, it had such a classic bearish divergence on 1 min chart from 9.40-10.30, oh man! I really suck today, Jeez!

 

[RAY]

Quote from Lawrence Chan:

NQ getting close to limit down.

I don't see it as even close...

Edit: I think you may be confusing overnight limits with intra-day.

This is a good summary:
http://chicagomercantileexchange.org/trading/files/EquityIndexPriceLimitGuide.pdf

 

[Buy1Sell2]

Bulls have this 240 chart to hang their hat on for a more extended bounce. (No divergence yet) Longer term picture is still bearish.

By no means I am suggesting going long here, but wanted to show the hope that exists for bulls that this might breakout.

 

[smilingsynic]

Quote from smilingsynic:

What I see:

A 50 point (exactly fifty points, for those rule of 10 fans) rise from the bottom followed by a pullback that has so far remained in the upper 1/2 of the day's range suggests consolidation.

I also see traders trying to buy breakouts of this congestion and then getting slapped back after the trade goes 1/2 point or so in favor. Pent-up energy + frustration = great breakout (eventually).

As long as ES remains solidly over 1286, this action smells bullish.

Looked like an old-fashioned stop gunning to me. A close below 86 on a five-minute bar means I am wrong, and I shouldn't have sold those otm puts.

 

[Buy1Sell2]

Everyone have a great day! Talk to you soon.

 

[Lawrence Chan]

Quote from RAY:

I don't see it as even close...

When NQ is down from 3% to 4%+, many traders will push it down to 5% (limit down) to get guarantee sell orders down at the limit down low.

Edit: 20 pts more on a drop of 80 pts is not that much more on a day like this.

 

[Jayford]

Quote from vertigo3:

I realize the decline from the intraday top today was not dramatic, but am I the only one who thought the PA from 10:40 until just recently looked like a bear flag? 2min chart

I with ya. I've been bearish all day. Was looking for a failed rally. So far...

seems to be working. kinda early though.